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Register a new userThe role of the predictive ability of the profits to reduce the asymmetry of information - A field study in Damascus Stock Exchange -
دور القدرة التنبؤية للأرباح في تخفيض عدم تماثل المعلومات – دراسة ميدانية في سوق دمشق للأوراق المالية–
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هدف هذا البحث إلى دراسة دور القدرة التنبؤية للأرباح في تخفيض عدم تماثل المعلومات في سوق دمشق للأوراق المالية، و قد تم دراسة مفهوم و أهمية جودة الأرباح، و المحددات الرئيسية لجودة الأرباح و المتمثلة بالقدرة التنبؤية للأرباح و المحتوى المعلوماتي للأرباح المحاسبية، إضافة إلى دراسة مفهوم عدم تماثل المعلومات، و المقاييس الأساسية لعدم تماثل المعلومات.
The objective of this research is to study the role of the predictive ability of the profits to reduce the asymmetry of information in the Damascus Securities Exchange, has been studying the concept and importance of the quality of profits, and the main determinants of the quality of earnings and of the ability predictive of profits and informational content of accounting earnings, in addition to studying the concept of asymmetry of information, and standards basic asymmetry of information.
References used
Brown , S. and S.A Hillegeist , 2007 , " How Diclosure Quality Effect , The level of Information Asymmetry " Review of Accounting studies , (Vol . 12 , issue 8) , PP . 443-477
Cotter, J,m 1996, "Accruals and Cash Flow Accounting Models: A Comparison of the Value Relevance and Timeliness of their Components", Accounting and Finance, (Vol. 36, No.2), PP 127 – 150
Cohen , B., and Dean, T., 2005, "information asymmetry and investor valuation of ipo: top management team legitimacy as capital market signal", Strategic management journal, (Vol. 26, No.7), PP 683 – 690
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This Research aims to study the role of voluntary disclosure in consolidating trust in financial reports. To achieve this goal, a questionnaire was used as a tool in gathering the necessary data. The questionnaire was distributed to the two samples o
f the study; 48 questionnaires were distributed to the external auditors accredited
by SCFMS, and 44 were distributed to the internal auditors in the listed companies of DSE. Of the returned questionnaires, there were (40, 36) returned from the first and second sample by turns. SPSS was used in analyzing the data and testing the hypothesis. The research found that the voluntary disclosures effectively consolidate the trust in the financial reports of the Listed Companies of DSE, and there were no
material differences between the opinions of the two samples.
The objective of this study is to examine the relationship between accounting information and stock prices of listed companies on Damascus Stock Exchange in order to assess the usefulness of accounting information for investor’s decisions. Price Regr
ession Model has been used to measure the explanatory power of book value and earnings in relation to variations in stock prices during the period from 2009 to 2012. The findings show that (1) preliminary financial reports provide useful accounting information for investors (2) earnings per share has a stronger impact on stock prices than book value (3) in comparison with final financial reports, balance sheet accounting information were more useful; whereas, income statement information were less useful.
The stock markets are considered the essential motives of the economic growth in any country because of its importance in transforming negative savings (compactness) to a positive savings which benefit both the local economy and the capital's owner;
it has also the ability to obligate who has some money surplus (chunky) by turning it from its rigid or stagnated state to the investment market. The researcher based on the essential hypothesis of efficiency and effectiveness of Damascus stock market in attracting investment; using the descriptive analytical method to collect data, and a questionnaire as a tool for measurement, where distributed to a group of workers in financial brokerage companies, a group of workers in the financial institutions and a group of investors within the Syrian Stock market, in order to see their opinions to check the research hypotheses and look to the future situation.
Among the most important results, Damascus stock market is contributing in the attraction of investment by attracting the foreign and Arabic capitals, the compilation of sterile national savings, and thus increase the market liquidity and leads to provide liquidity to investors, which make them able to create new projects or expand the existing ones.
In this study the researcher evaluates the role of mutual funds activation at
Damascus Stock Exchange and hence national economy. So that mutual funds could
achieve investment role more efficient and less risk. But if there are loose in the
contro
l, governance and transparency over mutual funds, it could jeopardize small
financial institutions to termination, could be transferred to money collectors, and
interest conflicts could be exaggerated. Therefore, Damascus Stock Exchange should
strength its control and issues the necessary rules concerning transparency,
governance, control, and interest conflicts.
Researcher accomplishes this research through theoretical studies of accounting and
finance literature concerning mutual funds, and by preparing questioner, and
analyzing it through well known statistical methods. We have received variety of
conclusions the most important are
Establishing mutual funds at Syria could activate Damascus Stock Exchange and as
a result activate national economy
It is very important for Damascus Stock Exchange to issue the necessary rules
concerning transparency, governance, trade, management fees, interest conflicts,
and so on.
The research is based on the main idea that the profits
themselves, as many shareholders, lenders and investors think,
are not a true measure of the quality of a company's profits.
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